Asian markets led lower by tumbling tech stocks

By Dow Jones Newswire

Bloomberg News

Foxconn employees work on n assembly line in Shenzhen, China. Foxconn shares fell over 1% Friday.

Asian stock markets dropped Friday, as a global selloff for tech stocks continued in the region amid reports that Chinese spy chips were implanted in products sold outside the country.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.93%   fell 0.8% following an overnight rebound in the yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0105%  . As tech stocks sagged in the U.S., chip-equipment maker Tokyo Electron /zigman2/quotes/202883609/delayed JP:8035 +0.06%   dropped 2.6% and was at one-year lows. Electronics, consumer goods and energy stocks led the declines. Financials were higher, though, as U.S. bond yields continued to rise, causing equity-investor concerns but being seen as good for lenders and heavy bond investors. Life insurer T&D /zigman2/quotes/208425761/delayed JP:8795 +2.24%   was up 1.5% while bank Resona /zigman2/quotes/203178794/delayed JP:8308 -0.42%  rose 2%. Meanwhile, electronics maker TDK /zigman2/quotes/208948266/delayed JP:6762 +0.21%   and cosmetics firm Shiseido /zigman2/quotes/207601624/delayed JP:4911 +0.54%   were down 3%- 4%.

Hong Kong stocks continued to drop after Thursday’s skid left the Hang Seng Index below the Dow industrials on a closing basis for the first time since April 2013. The benchmark /zigman2/quotes/210598030/delayed HK:HSI +0.45%   was down 0.2%, off its worst levels of the session. Tencent /zigman2/quotes/204605823/delayed HK:700 +0.21%   was down 1.1% and at fresh year-plus lows. Insurer AIA /zigman2/quotes/203565558/delayed HK:1299 -0.42%   fell, putting the week’s swoon at about 10%. But HSBC /zigman2/quotes/202687335/delayed HK:5 -1.12%   was up almost 1%. A number of Apple Inc. suppliers, such as AAC Technologies /zigman2/quotes/201441510/delayed HK:2018 +0.21%   and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -1.30%  , saw their shares sink following a Bloomberg News report that China may have secretly planted spy chips in some servers used by Apple /zigman2/quotes/202934861/composite AAPL +1.56%   and Amazon.com Inc /zigman2/quotes/210331248/composite AMZN +1.26%  . Both American tech giants strongly denied the report.

Apple suppliers Foxconn /zigman2/quotes/204111604/delayed TW:2354 +0.54%  and Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 -0.37%  fell as well, weighing down Taiwan’s Taiex  .

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.97%   slipped 0.3%, as Samsung /zigman2/quotes/209800866/delayed KR:005930 +1.27%   shed early gains to drop into the red despite forecasting record operating profit in the third quarter.

Australia was again the lone gainer in the region, as the ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.78%   rose slightly. Benchmarks in New Zealand /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.41%  and Singapore /zigman2/quotes/210597985/delayed SG:STI +0.05%   fell, while Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -0.14%   was about flat. Markets in mainland China remained closed for a weeklong holiday.

/zigman2/quotes/210597971/delayed

Add to watchlist JP:NIK

NIKKEI 225 Index

JP : Nikkei

28,041.48

+258.55 +0.93%

Volume: 0.00

March 31, 2023 3:15p

/zigman2/quotes/210561789/realtime/sampled

Add to watchlist USDJPY

Japanese Yen

US : Tullett Prebon

132.7750

+0.0140 +0.0105%

Volume: 0.0000

March 31, 2023 4:59p

/zigman2/quotes/202883609/delayed

Add to watchlist JP:8035

Tokyo Electron Ltd.

JP : Japan: Tokyo

¥ 16,040.00

+10.00 +0.06%

Volume: 5.33M

March 31, 2023 3:00p

P/E Ratio

15.70

Dividend Yield

3.30%

Market Cap

¥7540.69 billion

Rev. per Employee

¥141.71M

/zigman2/quotes/208425761/delayed

Add to watchlist JP:8795

T&D Holdings Inc.

JP : Japan: Tokyo

¥ 1,641.00

+36.00 +2.24%

Volume: 4.61M

March 31, 2023 3:00p

P/E Ratio

N/A

Dividend Yield

3.78%

Market Cap

¥915.18 billion

Rev. per Employee

¥202.38M

/zigman2/quotes/203178794/delayed

Add to watchlist JP:8308

Resona Holdings Inc.

JP : Japan: Tokyo

¥ 639.50

-2.70 -0.42%

Volume: 14.86M

March 31, 2023 3:00p

P/E Ratio

14.20

Dividend Yield

3.28%

Market Cap

¥1517.47 billion

Rev. per Employee

¥42.31M

/zigman2/quotes/208948266/delayed

Add to watchlist JP:6762

TDK Corp.

JP : Japan: Tokyo

¥ 4,725.00

+10.00 +0.21%

Volume: 2.80M

March 31, 2023 3:00p

P/E Ratio

9.11

Dividend Yield

2.24%

Market Cap

¥1790.75 billion

Rev. per Employee

¥18.98M

/zigman2/quotes/207601624/delayed

Add to watchlist JP:4911

Shiseido Co. Ltd.

JP : Japan: Tokyo

¥ 6,181.00

+33.00 +0.54%

Volume: 1.63M

March 31, 2023 3:00p

P/E Ratio

72.25

Dividend Yield

0.97%

Market Cap

¥2469.23 billion

Rev. per Employee

¥31.94M

/zigman2/quotes/210598030/delayed

Add to watchlist HK:HSI

Hang Seng Index

HK : Hong Kong Exchange

20,400.11

+90.98 +0.45%

Volume: 3.04M

March 31, 2023 4:08p

/zigman2/quotes/204605823/delayed

Add to watchlist HK:0700

Tencent Holdings Ltd.

HK : Hong Kong

$ 385.80

+0.80 +0.21%

Volume: 25.96M

March 31, 2023 4:08p

P/E Ratio

17.54

Dividend Yield

0.62%

Market Cap

$3659.39 billion

Rev. per Employee

$5.72M

/zigman2/quotes/203565558/delayed

Add to watchlist HK:1299

AIA Group Ltd.

HK : Hong Kong

$ 82.65

-0.35 -0.42%

Volume: 24.31M

March 31, 2023 4:08p

P/E Ratio

417.64

Dividend Yield

1.86%

Market Cap

$961.98 billion

Rev. per Employee

N/A

/zigman2/quotes/202687335/delayed

Add to watchlist HK:0005

HSBC Holdings PLC (HK Reg)

HK : Hong Kong

$ 53.20

-0.60 -1.12%

Volume: 15.64M

March 31, 2023 4:08p

P/E Ratio

9.18

Dividend Yield

4.72%

Market Cap

$1065.55 billion

Rev. per Employee

$3.35M

/zigman2/quotes/201441510/delayed

Add to watchlist HK:2018

AAC Technologies Holdings Inc.

HK : Hong Kong

$ 19.36

+0.04 +0.21%

Volume: 6.37M

March 31, 2023 4:08p

P/E Ratio

25.25

Dividend Yield

0.62%

Market Cap

$23.20 billion

Rev. per Employee

$638,038

/zigman2/quotes/206687505/delayed

Add to watchlist HK:2382

Sunny Optical Technology Group Co. Ltd.

HK : Hong Kong

$ 94.95

-1.25 -1.30%

Volume: 4.25M

March 31, 2023 4:08p

P/E Ratio

36.86

Dividend Yield

0.53%

Market Cap

$103.91 billion

Rev. per Employee

$1.57M

/zigman2/quotes/202934861/composite

Add to watchlist AAPL

Apple Inc.

US : U.S.: Nasdaq

$ 164.90

+2.54 +1.56%

Volume: 68.75M

March 31, 2023 4:00p

P/E Ratio

28.02

Dividend Yield

0.56%

Market Cap

$2609.04 billion

Rev. per Employee

$2.36M

/zigman2/quotes/210331248/composite

Add to watchlist AMZN

Amazon.com Inc.

US : U.S.: Nasdaq

$ 103.29

+1.29 +1.26%

Volume: 56.75M

March 31, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$1058.44 billion

Rev. per Employee

$333,539

/zigman2/quotes/204111604/delayed

Add to watchlist TW:2354

Foxconn Technology Co. Ltd.

TW : Taiwan

NT$ 55.90

+0.30 +0.54%

Volume: 4.45M

March 31, 2023 1:30p

P/E Ratio

18.58

Dividend Yield

2.86%

Market Cap

NT$79.07 billion

Rev. per Employee

N/A

/zigman2/quotes/207385621/delayed

Add to watchlist TW:2330

Taiwan Semiconductor Manufacturing Co. Ltd.

TW : Taiwan

NT$ 533.00

-2.00 -0.37%

Volume: 23.94M

March 31, 2023 1:30p

P/E Ratio

13.60

Dividend Yield

2.06%

Market Cap

NT$13822.02 billion

Rev. per Employee

N/A

/zigman2/quotes/210598069/delayed

Add to watchlist KR:SEU

KOSPI Composite Index

KR : Korea Exchange

2,476.86

+23.70 +0.97%

Volume: 722,612

March 31, 2023 6:05p

/zigman2/quotes/209800866/delayed

Add to watchlist KR:005930

Samsung Electronics Co. Ltd.

KR : S. Korea: KRX

₩ 64,000.00

+800.00 +1.27%

Volume: 14.09M

March 31, 2023 3:30p

P/E Ratio

7.94

Dividend Yield

2.26%

Market Cap

₩421232.42 billion

Rev. per Employee

N/A

/zigman2/quotes/210598100/delayed

Add to watchlist AU:XJO

S&P/ASX 200 Benchmark Index

AU : S&P ASX

7,177.80

+55.50 +0.78%

Volume: 835,785

March 31, 2023 4:36p

/zigman2/quotes/211587880/delayed

Add to watchlist NZ:NZ50GR

S&P/NZX 50 Gross Index

NZ : New Zealand: NZX

11,884.50

-48.67 -0.41%

Volume: 0.00

March 31, 2023 4:00p

/zigman2/quotes/210597985/delayed

Add to watchlist SG:STI

FTSE Straits Times Index

SG : Singapore: SGX

3,258.90

+1.72 +0.05%

Volume: 0.00

March 31, 2023 5:20p

/zigman2/quotes/210598052/delayed

Add to watchlist MY:FBMKLCI

FTSE Bursa Malaysia KLCI

MY : Malaysia

1,422.59

-2.02 -0.14%

Volume: 0.00

March 31, 2023 5:05p